Benzinga | Jun 17, 2021 08:30AM EDT

FibroGen In-Licenses Three HiFiBiO Programs For Cancer, Autoimmune Settings

* FibroGen Inc (NASDAQ:FGEN) and HiFiBiO Therapeutics have entered into a licensing agreement for three programs in the immuno-oncology and autoimmune space.

* FibroGen exclusively in-licenses HiFiBiO's Galectin-9 program and obtains an exclusive option to their CXCR5 and CCR8 programs.

* Under the terms of the agreement, FibroGen will make a $25 million upfront payment to HiFiBiO and payments upon option exercise.

* In addition, HiFiBiO may receive up to a total of an additional $1.1 billion in milestone payments across all three programs.

* HiFiBiO will also be eligible to receive royalties based upon worldwide net sales.

* The lead product candidate in the Galectin-9 program is expected to enter clinical development in the Q1 of 2023.

* The lead candidates from the CXCR5 and CCR8 programs will enter the clinic by mid-2023.

* Price Action: FGEN shares closed at $25.84 on Wednesday.